TCRLA_Public/090415.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      L A T I N  A M E R I C A

          Wednesday, April 15, 2009, Vol. 9, No. 73

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L BANK: Receiver Seeks to Unfreeze 174 Trust Accounts


A R G E N T I N A

AMTRAX SA: Trustee Verifying Proofs of Claim Until June 26
BONESI SA: Asks for Opening of Preventive Contest
FARMACIA NUEVA: Trustee Verifying Proofs of Claim Until June 11
GENERAL SUPPLIES: Proofs of Claim Verification Due on June 1
MAPFRE ARGENTINA: Moody's Affirms 'Ba3' Global Currency Rating

MEIBEL PLAC: Trustee Verifying Proofs of Claim Until June 11
MI CIELO: Proofs of Claim Verification Deadline Is August 13
NEUMATECRO SRL: Proofs of Claim Verification Due on May 18
SAN JAC: Trustee Verifying Proofs of Claim Until April 27
SERVICIOS Y EMPRENDIMIENTOS: Claims Verification Due on May 18

TELECOM ARGENTINA: Telecom Italia Appeals Antitrust Ruling
TRANSPORTES ENERGIA: Proofs of Claim Verification Due on June 1


B E R M U D A

BERNARD L. MADOFF: Liquidators Track Down US$80-MM Bermuda Asset


B R A Z I L

BANCO DO BRASIL: To Make Aggressive Bid for New Clients
BANCO DO BRASIL: Sees No Target Acquisitions Ahead
CEF: Aims BRL27 Billion Home Financing This Year
* BRAZIL: Itau Corretora Cuts Financial Stocks to ‘Underweight’
* BRAZIL: Economy Seen to Fall Into Deepest Recession


C A Y M A N  I S L A N D S

CL FIN'L: CIMA Orders Clico (Cayman) Not to Issue New Policies
KRONOS CAPITAL: Creditors' Proofs of Debt Due on May 5
KRONOS CAPITAL: Sole Shareholder to Hear Wind-Up Report on May 14
KRONOS CAPITAL: Liquidator to Give Wind-Up Report on May 14


J A M A I C A

SUPER PLUS: Shuts Down Three Branches Nationwide


M E X I C O

ASARCO LLC: Grupo Mexico to Offer US$1.3 Billion for Unit


T R I N I D A D  &  T O B A G O

CL FIN'L: Islamic Banking Service Investors Worry About Investment
TTEC: Estate Constables Protest Slow Wage Negotiations


V E N E Z U E L A

PDVSA: Signs Framework of Cooperation MOU With JOGMEC


                         - - - - -


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A N T I G U A  &  B A R B U D A
===============================

STANFORD INT'L BANK: Receiver Seeks to Unfreeze 174 Trust Accounts
------------------------------------------------------------------
Court-appointed Stanford Group Company (SGC) receiver Ralph Janvey
has filed with a Dallas federal court on April 10, asking a judge
to release US$137 million-locked accounts,  Laurel Brubaker
Calkins of Bloomberg News reports.  The report relates Mr.Janvey
proposed to unlock 174 trust accounts at Baton Rouge, Louisiana-
based Stanford Trust Co.

According to Caribbean360.com, the brokerage accounts are held at
SEI Private Trust Company and Mr. Janvey does not believe they are
related to the US$8 billion certificate of deposit (CD) fraud.

The SEC, on Feb. 17, charged Robert Allen Stanford and three of
his companies for orchestrating a fraudulent, multi-billion dollar
investment scheme centering on an US$8 billion Certificate of
Deposit program.  Mr. Stanford's companies include Stanford
International Bank Limited (SIBL), SGC, and investment adviser
Stanford Capital Management.

As reported in the Troubled Company Reporter-Latin America on
April 8, 2009, Bloomberg News said U.S. District Judge David
Godbey seized all of Mr. Stanford’s corporate and personal assets
and placed them under the control of Mr. Janvey.

"Based on available data, the receiver has found no indication of
CD activity in these 174 accounts.  Of the remaining 1,264
accounts, 1,034, or approximately 82% of the remaining accounts,
hold virtually no assets other than CDs.  Based on a review of
data gathered during his investigation and considering the
interests of all parties involved, the receiver respectfully
submits that a release of the 174 accounts mentioned above is
warranted," Mr. Janvey stated in court documents obtained by
Caribbean360.com.

Caribbean360.com relates Mr. Janvey also said that while he
recognizes that once accounts are released, it will be more
burdensome for him to pursue and recover claims against those
whose accounts were released, if that becomes necessary, he was
also cognizant of the hardship that the hold imposes on some STC
customers.

Meanwhile, Bloomberg News notes Mr. Janvey’s proposal for
releasing some of the Stanford Trust accounts also asks Judge
Godbey to declare that he has no liability for any actions taken
regarding the trust accounts.

                   About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.



=================
A R G E N T I N A
=================

AMTRAX SA: Trustee Verifying Proofs of Claim Until June 26
----------------------------------------------------------
The court-appointed trustee for Amtrax S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
June 26, 2009.


BONESI SA: Asks for Opening of Preventive Contest
-------------------------------------------------
Bonesi S.A. has asked for the opening of its preventive contest.
The company stopped making payments on April 7 2009.


FARMACIA NUEVA: Trustee Verifying Proofs of Claim Until June 11
---------------------------------------------------------------
The court-appointed trustee for Farmacia Nueva Vernet S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until June 11, 2009.

The trustee will present the validated claims in court as
individual reports on August 10, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 22, 2009.


GENERAL SUPPLIES: Proofs of Claim Verification Due on June 1
------------------------------------------------------------
Jorge Capurro, the court-appointed trustee for General Supplies
S.A.'s bankruptcy proceedings, will be verifying creditors' proofs
of claim until June 1, 2009.

Mr. Capurro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 46, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Jorge Capurro
          Quintino Bocayuva 333
          Buenos Aires, Argentina


MAPFRE ARGENTINA: Moody's Affirms 'Ba3' Global Currency Rating
--------------------------------------------------------------
Moody's Latin America has affirmed the Ba3 global local currency
and the Aa2.ar Argentina national scale insurance financial
strength ratings of MAPFRE Argentina Seguros S.A., MAPFRE
Argentina ART S.A. and MAPFRE Argentina Seguros de Vida S.A.  The
outlook for all ratings remains stable.

According to Moody's, the affirmation of the ratings reflects
primarily the expectations that MAPFRE S.A. (based in Madrid,
Spain) will continue to support the local operations through both
capital injections and risk-sharing arrangements, as well as the
timely execution of MAPFRE Argentina Seguros' and MAPFRE Argentina
ART's re-capitalization plans.

MAPFRE Argentina's operating companies have sustained very strong
growth in the past few years, and the high growth rate has
pressured overall capitalization and profitability  As of December
31, 2008, MAPFRE Argentina Seguros and MAPFRE Argentina ART were
not compliant with the mandated capital requirements and, whereas
the recapitalization plans will likely be executed, their gross
underwriting leverage will continue to be a major constraint on
their credit risk profile.

                     MAPFRE Argentina Seguros

MAPFRE Argentina Seguros has increasingly become a major player in
the local property and casualty and workers' compensation segments
and is now the second largest insurance company in these business
lines.  Moody's notes that whereas the improved market share is
viewed positively, the increasing penetration of the group in
softer segments -- such as auto and commercial property -- has
resulted in greater volatility of earnings and has pressured
capitalization.

On December 31, 2008, the company did not meet the minimum capital
requirements because of a limitation on admitted assets. On
January 2, 2009, the company proceeded with the re-allocation of
its investments, likely solving its minimum solvency requirements.
That said, the company's capitalization continues to constrain its
credit profile, along with its weakened and volatile
profitability, which is a result of the company's concentration in
price-sensitive segments, such as automobile and property
insurance.

                       MAPFRE Argentina ART

MAPFRE Argentina ART's improving market presence, currently the
second largest provider of workers' compensation coverage as of
December 2008, compared to being the fifth largest in 2006, is
viewed positively.  Moody's notes, however, that the exceptionally
high growth rate has significantly outpaced growth of its capital
base, increasing the company's operating leverage and, as a
result, constraining its credit risk profile.  The rating agency
added that the political and regulatory risks associated with the
workers' compensation segment also mitigate the credit strengths
of MAPFRE Argentina ART.

On December 31, 2008, MAPFRE Argentina ART also did not meet the
minimum capital requirements set by the regulator, mostly because
of its rapid premium expansion. MAPFRE Argentina ART will need a
capital contribution from its shareholder to comply with the
regulatory requirements, which is expected to occur by the end of
April.

The ratings affirmation of MAPFRE Argentina ART reflects the
expectation that the capital injection will occur as planned,
given the historic support provided by its ultimate parent.  That
said, the ratings could be downgraded should the capital infusion
not be sufficient and/or the time constraints are not met.

                      MAPFRE Argentina Vida

Expanding on the rationale for MAPFRE Argentina Vida's rating
affirmation, Moody's commented that the company has sustained
solid profitability and good capital adequacy, along with very
strong premium growth over the last two years, when the company
tripled its gross premiums -- ARS91 million in 2008 compared to
ARS31 million in 2006.  However, these credit strengths are
mitigated by the expectations that its capital adequacy will be
pressured going forward-- as dividends may be taken out of MAPFRE
Argentina Vida to provide assistance to its two local affiliates
given their capital needs -- and profitability deteriorates, as
the company continues to aggressively pursue market share.

These IFS ratings were affirmed with a stable outlook:

  -- MAPFRE Argentina Seguros S.A. -- global local currency Ba3
     and Aa2.ar on the Argentine national scale

  -- MAPFRE Argentina A.R.T. S.A. -- global local currency Ba3 and
     Aa2.ar on the Argentine national scale

  -- MAPFRE Argentina Seguros de Vida S.A. -- global local
     currency Ba3 and Aa2.ar on the Argentine national scale

Based in Buenos Aires, MAPFRE Argentina Seguros, MAPFRE Argentina
ART and MAPFRE Argentina Vida are indirect wholly-owned
subsidiaries of MAPFRE S.A., headquartered in Madrid, Spain.  For
the first half of the 2009 fiscal year, ended on December 31,
2008, total gross premiums for MAPFRE Argentina Seguros, MAPFRE
Argentina ART and MAPFRE Argentina Vida amounted to ARS608
million, ARS305 million and ARS61 million, respectively.  As of
that same date, MAPFRE Argentina Seguros posted a net loss of ARS5
million, whereas MAPFRE Argentina ART and MAPFRE Argentina Vida
reported net profits of ARS3 million and ARS7 million,
respectively.  On December 31, 2008, total shareholders' equity
was ARS173 million for MAPFRE Argentina Seguros, ARS93 million for
MAPFRE Argentina ART, and ARS23 million for MAPFRE Argentina Vida.

NOTE: Moody's national scale insurance financial strength ratings
rank an enterprise's financial strength on a relative basis in
comparison with other firms within the same country.  Such ratings
are designed for use at the local (national) level, and they are
not globally comparable.  For Argentine companies, national scale
ratings carry the identifier of ".ar".

In contrast, global local currency insurance financial strength
ratings indicate the relative credit risk of an insurance company
on a globally comparable scale.  In the case of ratings of
insurers domiciled in a country with a speculative grade sovereign
rating, such as Argentina, these ratings are the result of, among
several factors, the political risk, the risk of a generalized
debt moratorium, the weakness of the legal environment or
framework, and the risk of interference in the functioning of the
financial system.  Taken together, the national scale and global
local currency ratings provide a more comprehensive opinion about
the credit risk of the company.  Moody's insurance financial
strength ratings are opinions about the ability of insurance
companies to punctually repay senior policyholder claims and
obligations.


MEIBEL PLAC: Trustee Verifying Proofs of Claim Until June 11
------------------------------------------------------------
The court-appointed trustee for Meibel Plac S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
June 11, 2009.

The trustee will present the validated claims in court as
individual reports on August 11, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
September 22, 2009.


MI CIELO: Proofs of Claim Verification Deadline Is August 13
------------------------------------------------------------
Gabriel Kestelboim, the court-appointed trustee for Mi Cielo Azul
S.R.L.'s reorganization proceedings, will be verifying creditors'
proofs of claim until August 13, 2009.

Mr. Kestelboim will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

Creditors will vote to ratify the completed settlement plan
during the assembly on April 9, 2010.

The Trustee can be reached at:

          Gabriel Kestelboim
          Av. Santa Fe 2534
          Buenos Aires, Argentina


NEUMATECRO SRL: Proofs of Claim Verification Due on May 18
----------------------------------------------------------
Aldo Maggiolo, the court-appointed trustee for Neumatecro S.R.L.'s
bankruptcy proceedings, will be verifying creditors' proofs of
claim until May 18, 2009.

Mr. Maggiolo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 39, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Aldo Maggiolo
          Jufre 250
          Buenos Aires, Argentina


SAN JAC: Trustee Verifying Proofs of Claim Until April 27
---------------------------------------------------------
The court-appointed trustee for San Jac S.R.L.'s reorganization
proceedings will be verifying creditors' proofs of claim until
April 27, 2009.

The trustee will present the validated claims in court as
individual reports on June 10, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 5, 2009.

Creditors will vote to ratify the completed settlement plan
during the assembly on February 8, 2010.


SERVICIOS Y EMPRENDIMIENTOS: Claims Verification Due on May 18
--------------------------------------------------------------
The court-appointed trustee for Servicios y Emprendimientos S.A.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until May 18, 2009.



TELECOM ARGENTINA: Telecom Italia Appeals Antitrust Ruling
----------------------------------------------------------
Telecom Italia SpA appealed to the Argentine Competition
Commission's ruling that required it to stop using its voting
rights in its Argentina unit, Telecom Argentina SA, Drew Benson of
Bloomberg News reports.  The company argues that the ruling was an
unconstitutional violation of its property rights, according to a
copy of the appeal obtained by Dow Jones Newswires.

As reported in the Troubled Company Reporter-Latin America on
April 8, 2009, Bloomberg News, citing a ruling on the authority's
Web site, said Telecom Italia's directors on Telecom Argentina's
board were told to abstain from exercising voting powers while the
regulator investigates Telco SpA's purchase of a controlling stake
in Telecom Italia.

According to Bloomberg News, Telefonica SA, Assicurazioni Generali
SpA, Intesa Sanpaolo SpA, Mediobanca SpA and the Benetton family
gained control of Telecom Italia, through holding company Telco,
in October 2007.  Telco owns 24.5 percent of the Milan-based
company.

The report recalled on Jan. 9, the Argentine regulator ordered
Telefonica, which also runs Telefonica de Argentina SA, and its
partners to provide documents on their stake in Telecom Italia.

Telecom Italia has said it plans to exercise an option to increase
its stake in Sofora Telecomunicaciones SA, the holding company
that controls Telecom Argentina, Bloomberg News related.

In December, the commission ordered Telecom Italia not to exercise
the option to raise its stake in Sofora until the regulator issues
a final decision, the same report said.

Meanwhile, Bloomberg News says the agency also rejected another
appeal by Telecom Italia against a March 30 move to place so-
called observers at Telecom Argentina as part of the
investigations.

According to Shane Romig of Dow Jones Newswires, last week,
Telecom Italia Chief Executive Franco Bernabe told shareholders he
is confident a solution will be reached over the dispute involving
the group's assets in Argentina.  "We are confident that the
Argentine government will intercede to resolve this situation,
which puts at risk and prejudices the future of international
investments in Argentina," DJ Newswires quoted Mr. Bernabe as
saying.

Telecom Italia spokesman Massimiliano Paolucci, as cited by
Bloomberg News, said the company may file a lawsuit against
Argentina at the World Bank’s International Center for the
Settlement of Investment Disputes if the government rejects its
latest appeal.

                     About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                          *     *     *

As reported in the Troubled Company reporter-Latin America on
Feb. 16, 2009, Standard & Poor's Ratings Services lowered Telecom
Argentina SA's foreign currency rating to B-/Stable/ and local
currency rating to B/Stable/.  The outlook on both ratings is
stable.


TRANSPORTES ENERGIA: Proofs of Claim Verification Due on June 1
---------------------------------------------------------------
Ricardo Leibovicius, the court-appointed trustee for Transportes
Energia S.R.L.'s bankruptcy proceedings, will be verifying
creditors' proofs of claim until June 1, 2009.

Mr. Leibovicius will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Ricardo Leibovicius
          Tucuman 1585
          Buenos Aires, Argentina



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B E R M U D A
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BERNARD L. MADOFF: Liquidators Track Down US$80-MM Bermuda Asset
----------------------------------------------------------------
Bernard L. Madoff's liquidators are pursuing around US$80 million
funds held in Bank of Bermuda that they believe could be used to
help pay off the convicted fraudster's swindled investors, The
Royal Gazette reports.

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Irving Picard, the trustee liquidating Bernard L.
Madoff Investment Securities LLC, is asking the U.S. Bankruptcy
Court for the Southern District of New York for permission to hire
attorneys in Bermuda and Cayman Islands to track down and protect
customer assets.

According to Bloomberg News, Mr. Picard wants to hire Williams
Barristers & Attorneys in Hamilton, Bermuda.  He selected Williams
as special counsel "because of its knowledge, expertise and
experience in liquidation proceedings in the Cayman Islands and
other foreign jurisdictions," the court filing said.

A Bank of Bermuda spokeswoman, as cited by the Gazette, said
Bermuda bank does not comment on active litigation.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC was a market maker in
U.S. stocks, including all of the S&P 500 and more than 350 Nasdaq
stocks.  The firm moved large blocks of stock for institutional
clients by splitting up orders or arranging off-exchange
transactions between parties.  It also performed clearing and
settlement services.  Clients included brokerages, banks, and
other financial institutions.  In addition, Madoff Securities
managed assets for high-net-worth individuals, hedge funds, and
other institutional investors.

The firm is being liquidated in the aftermath of a fraud scandal
involving founder Bernard L. Madoff.

As reported by the Troubled Company Reporter on Dec. 15, 2008, the
Securities and Exchange Commission charged Mr. Madoff and his
investment firm with securities fraud for a multi-billion dollar
Ponzi scheme that he perpetrated on advisory clients of his firm.
The estimated losses from Madoff's fraud were allegedly at least
50 billion.

Also on Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S.
district Court for the Southern District of New York granted the
application of the Securities Investor Protection Corporation for
a decree adjudicating that the customers of BLMIS are in need of
the protection afforded by the Securities Investor Protection Act
of 1970.  Irving H. Picard, Esq., was appointed as trustee for the
liquidation of BLMIS, and Baker & Hostetler LLP was appointed as
counsel.

Mr. Madoff, if found guilty of all counts, would be imprisoned for
150 years, but legal experts expect the actual sentence to be much
lower and would still be an effective life sentence for the 70-
year-old defendant, WSJ notes.  Mr. Madoff, WSJ relates, would
also face millions of dollars in possible criminal fines.  The
report says that Mr. Madoff has been free on bail since his arrest
on December 11, 2008.  There was no plea agreement with Mr. Madoff
in which leniency in sentencing might be recommended, the report
states, citing prosecutors.



===========
B R A Z I L
===========

BANCO DO BRASIL: To Make Aggressive Bid for New Clients
-------------------------------------------------------
Federally-controlled Banco do Brasil SA will make an aggressive
bid this year to protect profit margins by adding new clients,
Rogerio Jelmayer of Dow Jones Newswires reports citing Banco do
Brasil President Aldemir Bendine.

"We will work on reducing interest rate spreads and taking some of
the market share of our competitors," the report quoted Mr.
Bendine as saying.  Former bank President Antonio Lima Neto
administration "led the bank to a new plateau of profitability.
My challenge will be to maintain profitability at that level," Mr.
Bendine added.

According to DJ Newswires, Mr. Bendine said Banco do Brasil
maintains its previous guidance, which calls for 17% expansion in
its credit portfolios this year.  The report recalls the bank
ended 2008 with a total credit portfolio of BRL224 billion ($103
billion).

Mr. Bendine, the report relates, said the bank will try to attract
new customers by pulling down interest charges for consumer loans.

                      About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.


BANCO DO BRASIL: Sees No Target Acquisitions Ahead
--------------------------------------------------
Federally-controlled Banco do Brasil SA, after a series of
acquisitions in recent months, sees no more acquisition targets on
the radar, Rogerio Jelmayer of Dow Jones Newswire reports, citing
Banco do Brasil President Aldemir Bendine.

"I think we have ended a cycle," the report quoted Mr. Bendine as
saying.  "At present, we are absorbing our recent acquisitions,
with two last deals in the final stages.  After that, I don't see
any big possibilities."

According to the report, the bank made aggressive acquistions
after it lost its position as Brazil's biggest bank following
rivals Itau (ITU) and Unibanco (UBB)'s merger.  However the report
says the bank so far failed to surpass its new rival in size.

As reported in the Troubled Company Reporter-Latin America on
January 13, 2009, Reuters said Banco do Brasil agreed to pay
BRL4.2 billion (US$1.84 billion) for a 50% stake in Banco
Votorantim.  In a March 12 TCR-LA report, Reuters related Brazil's
central bank approved Banco do Brasil's purchase of Nossa Caixa.

According to a March 31 TCR-LA report, citing Dow Jones Newswire,
former bank President Antonio Francisco Lima Neto said the bank
will likely end a recent cycle of acquisitions with the purchase
of the state level banks Espirito Santo-based Banestes and Federal
District-based BRB.  The same report related Mr. Neto denied
rumors that Banco do Brasil had interest in acquiring the Banrisul
state bank of Rio Grande do Sul.

                       About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                          *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.


CEF: Aims BRL27 Billion Home Financing This Year
------------------------------------------------
Caixa Economica Federal (CEF) aims to lend up to BRL27 billion
(US$12.44 billion) for home financing in 2009, as part of the
government's initiativently launched BRL60 billion housing program
"My House, My Life," Gerald Jeffris of Dow Jones Newswires
reports.

According to the report, the bank said it would charge interest on
the loans of between 5% and 8.16% annually, plus the country's
variable TR reference rate.  The report relates the bank said the
loans can be repaid over a period of 30 years.

DJ Newswires notes CEF said through Mar. 31 this year, it has
already disbursed BRL7 billion in financing for home construction.

                      About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                          *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


* BRAZIL: Itau Corretora Cuts Financial Stocks to ‘Underweight’
--------------------------------------------------------------
Itau Corretora analysts have reduced Brazilian financial stocks to
“underweight” and consumer shares were raised to “overweight”,
Allen Wan of Bloomberg News reports.

The report relates Itau analysts said that Banco do Brasil SA’s
management changes may hurt the industry’s profitability in the
short term.

“It now seems that the government is willing to do whatever it
takes to lower credit spreads,” Itau analysts wrote, Bloomberg
News relates.  “The sheer fact that one large player is going to
aggressively lower spreads is enough to disrupt the market for the
remaining banks.”

As reported in the Troubled Company Reporter-Latin America on
April 13, 2009, Dow Jones Newswires said President Silva fired
Banco do Brasil CEO Antonio Francisco Lima Neto because of
concerns over persistently high interest charges for consumers.

According to the Associated Press, President Silva insisted he had
not fired Mr. Neto, rather Mr. Neto offered his resignation to
Brazil Finance Minister Guido Mantega.  However, AP related local
media have widely speculated that Mr. Neto was forced out.

Bloomberg News noted Mr. Mantega told reporters in Brasilia that
Aldemir Bendine, formerly vice president of credit and debit cards
and new business for retail services at Banco do Brasil, will
replace Mr. Neto as bank CEO.  AP said Mr. Bendine is set to take
over on April 29.

Meanwhile, Bloomberg News says Itau analysts added B2W Cia. Global
do Varejo and Lojas Renner SA to their recommended portfolio,
saying that lower interest rates will help consumers.


* BRAZIL: Economy Seen to Fall Into Deepest Recession
-----------------------------------------------------
Brazilian economists forecast Brazil's economy will fall into its
deepest recession since 1992 as companies scale back output amid
the first global recession since World War II, Andre Soliani of
Bloomberg News reports.

Analysts expect 2009 gross domestic product to shrink 0.30%, down
from a previous forecast of a 0.19% drop, according to the median
estimate in an April 9 central bank survey results obtained by
Bloomberg News.

According to the report, industrial production had its two biggest
monthly declines since 1992 in January and February as the global
recession choked demand.  The report relates President Luiz Inacio
Lula da Silva’s government has responded by cutting taxes on car
sales and construction materials while offering subsidies to
homebuilders.

“We are acting to ensure that the strength of our domestic market
will compensate for deficiencies in external markets,” the news
agency quoted Mr. Lula as saying in his weekly radio program
broadcast nationwide.  “Step by step, we’re managing to take care
of the economic situation.”



==========================
C A Y M A N  I S L A N D S
==========================

CL FIN'L: CIMA Orders Clico (Cayman) Not to Issue New Policies
--------------------------------------------------------------
The Cayman Islands Monetary Authority (CIMA) has issued a new
order to Clico (Cayman) Ltd that prohibits the company from
issuing any new insurance policies of any kind, except for new
additions of dependents on existing individual health policies
(family cover) or new additions of employees on existing group
health policies, Caribbean Net News reports.

According to the report, the order further directs Clico to
maintain all assets in the Cayman Islands to ensure the
satisfactory coverage of all policy holder liabilities of Clico
(Cayman) and prohibits the company from transferring any of its
assets and funds to any affiliated company without the Authority’s
prior written approval.

Caribbean Net News relates the order restates the directive
contained in CIMA’s prior cease and desist order.

In a March 3 statement, CIMA said it has issued a public notice
outlining actions it has taken with regard to Colonial Life
Insurance Company (Trinidad) Limited, trading as Clico (Cayman).

According to the statement, CIMA issued a "cease and desist order"
to Clico, pursuant to section 12 of the Insurance Law (2008
Revision).  Under the Order, the Authority has directed the
company to "immediately

    (i) cease or refrain from issuing new policies with
        investment features until the asset level in its
        trust fund has been increased to the required level
        and approval is granted by the Authority for the
        company to resume such activity; and

   (ii) cease or refrain from receiving any new premiums on
        existing policies with investment features until
        approval is granted by the Authority to resume such
        activity."

The statement related CIMA also required Clico to "take certain
actions within a prescribed time frame and imposed additional
reporting requirements on the company to better monitor its
business activities and financial condition."

                       About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing
$10 billion debt.


KRONOS CAPITAL: Creditors' Proofs of Debt Due on May 5
------------------------------------------------------
The creditors of Kronos Capital Gp Co. are required to file their
proofs of debt by May 5, 2009, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 30, 2009.

The company's liquidator is:

          Ogier
          c/o Khatidja McLean
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


KRONOS CAPITAL: Sole Shareholder to Hear Wind-Up Report on May 14
-----------------------------------------------------------------
The sole shareholder of Kronos Capital GP Co. will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on May 14, 2009, at 10:15 a.m.

The company commenced wind-up proceedings on March 30, 2009.

The company's liquidator is:

          Ogier
          c/o Khatidja McLean
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands


KRONOS CAPITAL: Liquidator to Give Wind-Up Report on May 14
-----------------------------------------------------------
The sole shareholder of Kronos Capital Holdings Limited will
receive the liquidator's report on the company's wind-up
proceedings and property disposal on May 14, 2009, at 10:00 a.m.

The company's liquidator is:

          Ogier
          c/o Khatidja McLean
          Telephone: (345) 949 9876
          Facsimile: (345) 949 1986
          Queensgate House, South Church Street
          PO Box 1234, Grand Cayman KY1-1108
          Cayman Islands



=============
J A M A I C A
=============

SUPER PLUS: Shuts Down Three Branches Nationwide
------------------------------------------------
Super Plus closed its branches in Liguanea, St. Andrew, New
Kingston, and Oasis Centre in Spanish Town, St. Catherine, Radio
Jamaica News reports.

According to the report, Liguanea store workers dismantled cash
registers and other retail equipment while the company's
principals remained behind closed doors at their Beverly Vale,
Kingston offices.  The report relates in Super Plus, New Kingston
food items are being loaded onto trolleys waiting for transport
while the supermarket section of the store was boarded up, away
from public view.  The report notes the situation was similar in
Super Plus, Cross Roads, but an unnamed insider told Radio Jamaica
News that this store will be reopened and will also host the
company's head office.

Radio Jamaica News says Super Plus' head office at Beverly Vale
has reportedly been sold as the company seeks to rationalize its
operations, closing non- performing stores while at the same time
trimming waste.

Super Plus is one of Jamaica's largest food chains.



===========
M E X I C O
===========

ASARCO LLC: Grupo Mexico to Offer US$1.3 Billion for Unit
---------------------------------------------------------
The Wall Street Journal's David McLaughlin reports that Grupo
Mexico SAB is offering US$1.3 billion in cash to take ASARCO LLC
out of bankruptcy.

According to the Journal, Robert Moore, counsel to Grupo Mexico,
said at a court hearing on Monday that ASARCO LLC's asbestos
creditors have agreed to support Grupo Mexico's offer.  Those
asbestos committee has opposed ASARCO LLC's plan to sell its
operating assets to Sterlite (USA), Inc., for US$1.7 billion,
citing the liability release Sterlite could receive.  Sterlite is
a unit of London-based Vedanta Resources PLC.

ASARCO LLC filed a plan of reorganization on July 31, 2008,
premised on the sale of the Debtors' assets to Sterlite USA for
US$2.6 billion.  By October 2008, ASARCO LLC informed the Court
that Sterlite refused to close the proposed sale and thus, the
Original Plan could not be confirmed.  The parties has since
renewed their purchase and sale agreement and on March 11, 2009,
ASARCO LLC sought Court approval of a settlement and release
contained in the new PSA for the sale of the ASARCO assets for
US$1.7 billion.

The Journal reports that ASARCO LLC asked Judge Richard Schmidt on
Monday to allow it to move forward with its sale to Sterlite and
to approve a settlement that could release Sterlite from liability
for terminating an earlier agreement to buy ASARCO for US$2.6
billion.

                        About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.

When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.

ASARCO LLC has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case.  On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006.  (Bankr. S.D. Tex. Case No. 06-20774
to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

ASARCO LLC filed a plan of reorganization on July 31, 2008,
premised on the sale of the Debtors' assets to Sterlite USA for
$2.6 billion.  By October 2008, ASARCO LLC informed the Court that
Sterlite refused to close the proposed sale and thus, the Original
Plan could not be confirmed.  The parties has since renewed their
purchase and sale agreement and on March 11, 2009, ASARCO LLC
sought Court approval of a settlement and release contained in the
new PSA for the sale of the ASARCO assets for $1.7 billion.

Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted a reorganization plan to retain its equity interest
in ASARCO LLC, by offering full payment to ASARCO's creditors in
connection with ASARCO's Chapter 11 case.  AMC would provide up to
US$2.7 billion in cash as well as a US$440 million guarantee to
assure payment of all allowed creditor claims, including payment
of liabilities relating to asbestos and environmental claims.
AMC's plan is premised on the estimation of the approximate
allowed amount of the claims against ASARCO.

Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News.  The newsletter tracks the chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)



===============================
T R I N I D A D  &  T O B A G O
===============================

CL FIN'L: Islamic Banking Service Investors Worry About Investment
------------------------------------------------------------------
Islamic Banking Service (IBS) investors in Trinidad and Tobago are
worried about their more than $35 million investment in the firm,
Oscar Ramjeet of Caribbean Net News reports.  The report relates
the investors are expressing concern whether they would get their
investments returned, as promised by the government and Central
Bank.

According to Caribbean Net News, citing the Trinidad Express, IBS
official Dr. Waffie Mohammed assured that all of the IBS
investors' money was safe and that the government and Central Bank
were working on appointing a bank to run the IBS.

The IBS, the report recalls, fell under the purview of CL
Financial Limited's unit, Clico Investment Bank (CIB),  which was
closed in early February after it could not repay depositors who
were owed millions.

Caribbean Net News notes Dr. Mohammed said although the investors'
concerns were valid, since the Central Bank took some time before
making a statement as to what was taking place with the funds of
IBS, they were close to having a concrete settlement of the issue.

Caribbean Net News says the investors sought the advice of Senior
Counsel Ramesh Lawrence Maharaj, former attorney general, as to
what steps they could take to secure the multimillion dollar
investments.

                        About CL Financial

According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank
Governor Ewart Williams disclosed that an examination of insurance
company CLICO, dissolved finance house CLICO Investment Bank and
other CL Financial companies, showed a deficit between $6 billion
and $8 billion.

Tobago President George Maxwell Richards, The Express related,
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.

According to the Trinidad and Tobago Newsday, the government used
$1 billion of taxpayers money to help protect depositors and
policyholders.

T&T Newsday related Governor Williams pleaded with policy holders
not to withdraw money from Clico, amid the unit's increasing
$10 billion debt.


TTEC: Estate Constables Protest Slow Wage Negotiations
------------------------------------------------------
Estate constables attached to the Trinidad and Tobago Electricity
Commission (TTEC) stayed off the job on April 9 in protest of slow
wage negotiations, Trinidad and Tobago Newsday reports.

According to the report, the protest began on April 8 at all TTEC
Distribution Centres and resulted in some officers having to work
longer shifts.

The report relates officers said since 2005, their representing
body, the Estate Police Association (EPA), and TTEC have been
holding talks on salary increases.

Newsday notes the officers promised continued protest action if
negotiations are not settled quickly.

EPA President Andrew Dardaine, the report relates, said he
expected negotiations to resume after the conclusion of the Fifth
Summit of the Americas.



=================
V E N E Z U E L A
=================

PDVSA: Signs Framework of Cooperation MOU With JOGMEC
-----------------------------------------------------
A report posted at energycurrent.com on Monday said state energy
company Petroleos de Venezuela S.A. (PDVSA) signed a Memorandum of
Understanding (MOU) with Japan Oil, Gas and Metals National
Corporation (JOGMEC) on the framework of cooperation, intended to
strengthen relations between the two governmental organizations.

According to the report, the MOU was signed in accordance with the
Memorandum on Energy Cooperation signed on March 19, 2009 between
Ministry of Economy, Trade and Industry of Japan and Ministry of
Energy and Petroleum of Bolivarian Republic of Venezuela.

The report noted the framework of cooperation agreed in this MOU
includes the evaluation of potential joint projects in the areas
such as Orinoco Oil Belt, mature fields and offshore areas of the
Bolivarian Republic of Venezuela, training of human resources and
collaborative research and development on oil and gas upstream
technologies.

Petroleos de Venezuela S.A. -- http://www.pdvsa.com/-- is
Venezuela's state oil company in charge of the development of the
petroleum, petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                          *     *     *

As of March 16, 2009, Petroleos de Venezuela continues to carry a
'BB-' local currency issuer rating from Moody's Ratings.

The company also continues to carry Standard and Poor's BB- Issuer
Credit Ratings.



                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
Editors.


Copyright 2009.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


           * * * End of Transmission * * *